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Creative Ways Builders Are Tackling the Affordability Issue

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Affordability

Creative Ways Builders Are Tackling the Affordability Issue


June 7, 2021
Apartment construction
Photo: Imagenet | stock.adobe.com

Builders, developers, and homebuyers are all affected by rising housing costs—here are some creative ways builders are successfully addressing affordability concerns. When it comes to design, builders are producing higher density housing to offer more affordable options, says John Burns Real Estate Consulting (JBREC). A recent survey conducted by JBREC’s New Home Trends Institute and Pro Builder (results to be published in our May/June 2021 issue) found more than 25% of architects were working on more high density housing compared to last year. Some apartment developers are choosing to scale down amenities to create more units and lower rents.

The Build-for-Rent industry is following the trend as well and considering traditional apartments in a community to create more density and lower rents

Buyers have more flexibility to work in one place and live in another. Make your floor plans work for them! Our surveys show that households will continue to work remotely, even when the pandemic has passed. We are projecting about 9 million households will work from home 10 or more hours per week and an additional 4 million will do so at least part-time. Bloomberg reported this week that remote working was a must have for many and that most employers don’t believe being in the office five days a week is necessary to promote great company culture. There are huge design implications for new homes, especially creating thoughtful privacy solutions. Home offices can be small, should be moved away from the noisy front of the house, and they need to be quiet with lots of natural light (in strategic locations—be careful of window placement).

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